SBI will offer a pre-approved personal loan to employees facing a lack of liquidity

India’s largest bank State Bank of India or SBI clarified that it currently does not offer an emergency loan program through its Yono app. But SBI said it would soon introduce a pre-approved personal loan offer through YONO for employee clients facing cash flow issues due to the coronavirus crisis.

“This is the news widely disseminated on the ‘SBI emergency loan scheme via YONO’. We would like to point out that SBI does not currently offer such a loan. We also urge our customers not to believe these rumors, ”SBI said in a statement.

“However, the bank is introducing a pre-approved personal loan offer through YONO soon to provide relief to SBI employee clients who are facing cash flow issues due to Covid,” SBI said in a statement.

SBI said details of the new product will be released once it is launched.

The SBI on Thursday reduced its marginal cost of fund interest rates (MCLR) by 15 basis points and introduced a special deposit scheme for seniors with a higher interest rate. SBI’s marginal cost of funds (MCLR) borrowing rate drops to 7.25% from 7.40% as of today, lowering EMIs for home loans for clients with tied loans at MCLR rates.

The country’s largest lender has introduced a new product “SBI Wecare Deposit” for seniors in the retail term deposit segment to protect their interests in the current lower interest rate regime.

Under this new product, an additional premium of 30 basis points will be payable for senior retail term deposits with a term of “5 years and over” only, he said.

However, SBI cut interest rates on retail term deposits or FDs of 20 basis points for a term “up to 3 years” from May 12, citing adequate liquidity in the system as well as with the bank.

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